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April 15, 2019

NPCI weighs use of blockchain in digital payments

The National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, is exploring the use of blockchain technology to enhance the digital payments space.

The payments operator also plans to develop a real-time and highly scalable blockchain solution.

“It is proposed to develop this solution using an open source technology/ framework/solution,” the operator said in a notification.

NPCI Blockchain possibilities

NPCI The payments operator has already invited expression of interest (EOI) for the same.

Furthermore, the bidder must be a legal registered entity and a system integrator with blockchain implementation expertise.

Interested parties should offer a reference of at least two blockchain implementations and have a minimum of 25 blockchain professionals.

Firms blacklisted by any bank would be disqualified from the bidding process.

“The Bidder shall bear all costs associated with the preparation and submission of its response and NPCI will, in no case, be held responsible or liable for these costs, regardless of the conduct or outcome of the bidding process,” the payments operator said.

In 2016, NPCI launched online payment system Unified Payments Interface (UPI).

A real-time payment system, UPI enables users to carry out inter-bank transactions.

Last year, NPCI launched UPI 2.0 that includes several new features such as Invoice in the Inbox, Signed Intent/QR, UPI Mandate with Blocking of Funds.

 

 

 

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